South Africa Bitcoin Heist: Court Grants Liquidators Authority to Track Missing Africrypt Investor Funds

According to a report, the court decision follows recent claims that Raees Cajee, one of the collapsed firm’s directors, is opposing the final liquidation of Africrypt from his hideout in Tanzania. The latest decision by the South Africa court comes as doubts grow surrounding Africrypt directors’ claims of a breach by Ukrainian hackers.

For instance, in the past few weeks the liquidators’ legal representative, Ruann Kruger, is reported to have released a statement wherein he unravels Africrypt’s dubious business model. In addition to questioning Africrypt’s model, the statement also takes aim at the evidence which has been used by the firm’s management to back the hacking claims.

After examining Africrypt’s claims, Kruger’s statement goes on to repeat earlier allegations that Raees and his brother, Ameer, may have had a hand in the disappearance of investor funds. The statement says:

There is no evidence that this was indeed a hack of the Africrypt systems, and in support thereof, it seems that funds were depleted from the Africrypt wallets four months before the alleged hack.

Soon after Africrypt abruptly stopped operating back in April 2021, a group of investors immediately applied for the court to grant a liquidation order against the investment company. According to the report, a provisional order was duly granted on April 26, while parties to the final liquidation proceedings are now expected to argue their cases in September.

Tracking Down Africrypt Assets

Meanwhile, the report also quotes liquidators explaining the importance of the court’s decision to grant them additional powers. The liquidators said:

With the liquidator’s extended powers, they will be able to investigate and interrogate the relevant parties, directors, and their related companies during the enquiry to uncover the mystery behind this ostensible bitcoin heist. The liquidator’s main objective is to track down assets, attempt to gain access to Africrypt systems and their source codes to recover bitcoin wallets and funds invested and lost by investors.

To aid in this process of recovery, the liquidators confirmed that a forensic auditor has been hired to look into the affairs of Africrypt and related parties.

Read the article:  Operating a crypto exchange in Japan is ‘rather tough,’ FSA chief admits

Do you agree that these additional powers are going to be useful to the liquidators’ cause? Tell us what you think in the comments section below.

Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 10 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
Watch a video on how to find out about the upcoming cryptocurrency pump and earn huge profits.
These trading signals help earn huge profit in just a few hours after purchasing the coins published on the Telegram channel.Are you already making a profit using these trading signals? If not, then try it!We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP subscribers of the Crypto Pump Signals for Binance channel.
John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

Leave a Reply